A combined venture between DoveHill, an independent real estate investment company founded in 2010, and Wurzak Hotel Group, a Philadelphia and Fort Lauderdale, Fla.-based owner, developer and operator of hotels, acquired the Hyatt Place King of Prussia hotel in Pennsylvania for $13 million.
Wurzak assumed management of the Hyatt Place, making it the fifth hotel managed by the company in the Philadelphia area. The 129-room Hyatt Place was built in 2010, and its new owners plan to immediately implement propertywide upgrades with enhancements to the lobby, bar, fitness center and guestrooms.
"We will immediately put plans in place to improve and upgrade the property and make it a top performer in our portfolio," said Jake Wurzak, DoveHill's founder and managing member. "Through our aggressive entrepreneurial and hands-on approach to management we will reposition the asset to leverage the strong demand in the vibrant King of Prussia region. The acquisition demonstrates our conviction to seek out value-add opportunities in highly strategic markets throughout the country and provide outsize risk-adjusted returns for our investors."
"The significant and ongoing development in King of Prussia's entertainment, retail and office sectors have created strong hotel demand," said Eric Davies, COO of the Wurzak Hotel Group. "With our upcoming enhancements to the hotel we intend on capitalizing on this growth in an impactful way."
The acquisition of the Hyatt Place follows DoveHill and Wurzak Hotel Group's announcement that they are developing a 323-room, dual-brand Starwood Tribute Portfolio and Element by Westin hotel in Fort Lauderdale.
